Baanganga Gold & Diamond (I) Ltd has filed draft papers with India’s market regulator SEBI for an initial public offering worth up to ₹720 crore. The proposed deal includes a fresh issue of equity shares worth up to ₹540 crore and an offer for sale (OFS) of shares worth up to ₹180 crore, as described in the draft red herring prospectus (DRHP) filed with SEBI.
The outlets report that most of the proceeds from the fresh issue are earmarked for working capital. Free Press Journal further specifies that Baanganga intends to allocate ₹405 crore from the fresh issue toward working capital needs across financial years 2027, 2028 and 2029, with the remainder for general corporate purposes. The OFS would enable promoter selling shareholders to offload shares, with proceeds going to them rather than to the company.
Other details include that DAM Capital Advisors is named as the sole book-running lead manager and KFin Technologies as the registrar. The company has not announced key IPO terms such as the price band or subscription dates, according to the reports. A valuation and market outlook are referenced in the DRHP, including projections for India’s wholesale gold jewellery market.
